A three way joint venture between Global Asset Capital (GAC), AGC Equity Partners y Cruz Capital is set to buy Banco Santander's Madrid headquarters in a €2.8 billion megadeal, making it one of the biggest single asset deals ever, according to Economía Digital.
The office in the financial district of Boadilla del Monte and HQ of the bank will be leased back to the Spanish banking giant, led by Ana Botín, for around €80 million per year.
According to Economía Digital, the deal brings to an end a liquidation process started a year ago concerning former owner Marne Investments, who in 2008 paid €1.9 billion to Banco Santander for the purchase of its financial complex.
According to the source, the new deal has the support of British investor Glenn Maud, one of the original shareholders of Inversiones Marmo, who, along with Irish Derek Quinlan bought the Santander headquarters with a loan of 1,850 million euros led by Royal Bank of Scotland (RBS).
The deal is awaiting regulatory approval of the Mercantil 9 de Madrid.
Source: Economía Digital